Oil & Natural Gas: News & Discussion

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Prem
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Re: Oil & Natural Gas: News & Discussion

Post by Prem »

http://www.telegraph.co.uk/finance/news ... jects.html
One of the most senior figures in Kazakhstan's oil industry told US diplomats over a private dinner that Gazprom and China National Petroleum Corp are "hoping that the Kashagan and Karachaganak consortia will implode, and then they can pick up the pieces". The remarks were allegedly made by Maksat Idenov, then vice-president of the Kazakh state oil company, to an unnamed US diplomat. The US official described the meeting in a cable sent to Washington on January 10 this year. Chinese oil companies have bought up more than a quarter of Kazakhstan's oil production over the past decade, constructing new pipelines to ship it back to China
.
( Where are Indian companies?)
Theo_Fidel

Re: Oil & Natural Gas: News & Discussion

Post by Theo_Fidel »

Discovery is nice and all but these guys need to start production. AFAIK they havn't brought a cubic feet of the gas discovered to market yet.

http://economictimes.indiatimes.com/new ... 156879.cms
GSPC discovers 'huge reservoir of gas' in Ankleshwar
"The discovery of a huge reservoir of gas at the Ankleshwar 41-S well... could potentially open a new zone for exploration for us there," a top GSPC official told PTI today.

Production testing of the Ankleshwar 41-S well in Cambay Basin onland block CB-ONN-2003/2 indicates the potential for production of several million cubic feet of natural gas per day. In addition, a negligible quantity of oil also flowed to the surface during production testing of the well.
Meanwhile, back at GOI central...

http://www.tehelka.com/story_main48.asp ... ENERGY.asp
In what appears to be a giant battle of egos, the Directorate General of Hydrocarbons (DGH) has rejected the potential of Reliance Industries Ltd's fourth gas discovery -- Dhirubhai-52 -- in the Krishna-Godavari (KG) basin.

It is reliably learnt that the DGH has told the Mumbai-based explorer that it cannot accept the company's claim of the potential because RIL refused to invite a government representative to witness the D-52 discovery and started drilling without informing the DGH.
So while the PSU sit on their immense acreage on the East coast, scratching their A@$#...

http://www.petroleum-economist.com/defa ... &ISS=25723
INDIA is offering eight deep-water blocks under its latest licensing round in a bid to lure investors into the country's emerging plays. But the response may be underwhelming. Foreign companies are not entirely convinced about the country's deep-water potential and most of the blocks on offer are outside the highly prospective east coast basins.

"The challenge with the latest round is that the deep-water blocks are in frontier areas: the Andaman basin and areas off the west coast," says Sara Pourghorbani, an analyst with Wood Mackenzie, a consultancy.

But Pourghorbani adds that although the west coast has no significant established deep-water discoveries – unlike the prolific east coast Krishna Godavari basin – with increased exploration there is a possibility of future finds. The Andaman basin is very lightly explored, with the last well drilled in the 1980s.
Yes apparently the last time an oil PSU has drilled in the Andaman area, same as the Burmese acreage where huge discoveries have been made, was the the 1980's. So there...
Prem
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Re: Oil & Natural Gas: News & Discussion

Post by Prem »

http://arabnews.com/economy/article229417.ece
Iran assures India of smooth oil supply
NEW DELHI: India, which buys about 400,000 barrels per day of Iranian crude, has received an assurance letter from Iran that Asia’s third-largest economy would receive an uninterrupted supply of crude oil supplies in January, an Indian official said on Tuesday.Iran has also proposed a temporary payment channel through a bank based in Germany, the official, who did not want to be identified, added.
he letter issued by the National Iranian Oil Company (NIOC) to Indian oil companies said payments can be routed through a euro account at Europaisch Iranische Handelsbank, a German bank where the central bank of Iran has an account, the official said.The German bank will receive the payment indirectly through the State Bank of India, where Indian oil companies have been advised to open individual accounts, the official added.
Earlier in the day, New Delhi reportedly told Iran that India was okay with paying in UAE dirhams for oil imports from the country rather than Japanese yen.On Friday, director of the Iranian central bank offered the UAE dirham and the Japanese yen as the possible alternatives for settling bilateral oil trade after the Reserve Bank of India discontinued payments through the 35-year-old Asian Clearing Union (ACU) system.India’s central bank dismantled the ACU on Dec. 27 after the German Bundesbank sought certification of euro transactions with Iran.
Officials at the National Iranian Oil Company, meanwhile, said on Tuesday that the dispute over how payment should be made, has caused no disruption in the sale and exports of oil to India in recent days.
abhishek_sharma
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Re: Oil & Natural Gas: News & Discussion

Post by abhishek_sharma »

Oil prices are exploding -- but for how long?

http://oilandglory.foreignpolicy.com/po ... r_how_long
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Re: Oil & Natural Gas: News & Discussion

Post by Vipul »

Reserves of Shale gas deposits in India is 300 times higher than KG D6 size.

The future of India’s energy sector does not look that bleak after all. Schlumberger, a global leader in oilfield services, has pegged the reserves of gas in shale deposits across the country at 300 times higher than Reliance’s Krishna Godavari (D6) basin, by far the largest gas field in the country.

According to sources, the New York-listed Schlumberger, which is carrying out a comprehensive shale gas pilot project for state-owned ONGC in the Damodar Valley basin, has made an initial gas-in-place estimate of 300-2,100 trillion cubic feet (tcf) in Indian shale gas basins. In comparison, Reliance’s KG D6 field has proven reserves of just 7-8 tcf.

“Such resources have the potential to move the Indian gas market from gas-constrained to gas-balanced, if not turn the country into a gas-surplus one,” an official with Schlumberger told FE.
Shale is a rock formation that contains extractable gas and it is found in abundance across the country, especially in the Gangetic plain, Gujarat and Assam.

This relatively new source of energy is already in vogue in the US and Canada, and has the potential to reduce gas prices to less than half the current rates. India's natural gas output grew to 140 million metric standard cubic meters a day (mmscmd) from 80 mmscmd once production started from the D6 field in 2009.

India, the second fastest-growing major economy in the world, now needs increased gas output to feed its new power plants. The country also expects more fertiliser plants to use gas instead of naphtha in order to reduce fertiliser subsidy.

Recovering shale gas from such massive reserves may not be that easy though. According to a leading energy expert, land acquisition would be a challenge. “Land is the most precious resource in India now. Unlike conventional oil exploration, shale gas exploration is continuously mobile and moves from one spot to another, requiring more land for exploration.

Besides, there is the fear that the pursuit for shale gas would cause irrevocable damage to the environment as it involves pumping chemicals into rocks with water. It is not going to be as easy as it is in the US,” the expert said requesting anonymity because he is advising a leading energy company.

Shale gas contributes to nearly 17% of the total gas production in US. Although many other nations are pursuing shale gas, commercial success is so far limited to US and Canada, said an official with ONGC. ONGC has marked a beginning by spudding its first shale gas well at Durgapur in West Bengal last September and plans to drill three more in Damodar by next year.

Moreover, the government has to strike a balance between the need for new energy sources and the price to pay for it. Securing a licence to tap resources below the surface is not an easy task in India, the expert said. The companies that would eventually win rights to explore shale gas in the country also need access to technology that reduces demand for water and controls effluents.

Schlumberger says that to in order to realise its shale gas potential, India needs to create a conducive regulatory environment and the local oilfield services industry has to double or triple in size so that producers can tap the resource economically.

Service providers will have to step up rig availability three-fold to 300 units across the eight shale gas basins including Cambay and Damodar. That is not an insurmountable task but service providers would need a clear market signal to make the investment, Schlumberger said.

During the recent visit of US President Barack Obama, India signed a deal on shale gas resources which seeks America's co-operation in assessing India's shale resources and in framing a regulatory regime with safeguards for sustainable development of this unconventional energy source.

India hopes to auction the rights to explore for shale gas some time this year.
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Re: Oil & Natural Gas: News & Discussion

Post by SSridhar »

Received the following in Mail
RIL's says D6 output won't go up beyond 50 mmscmd till 2013-14 — RIL has recently said to the gov’t that it would not be able to raise production of gas from its D-6 field beyond the current level of around 50 mmscmd, until 2013-14. It has made it clear that its non-associated gas production from 18 producer wells in the D1 and D3 fields in D-6 will remain at anywhere between just 42-44 mmscmd in comparison to the FDP target of 53.4 mmscmd. Total production from the D-6 block has now come down to just about 50 mmscmd from 60 mmscmd. The 50 mmscmd figure is reached after taking into account around 8 mmscmd of associated gas produced from the MA oil field in the D-6 block. RIL claims that there are some serious reservoir issues such as water ingress in wells, sand interference and pressure depletion.
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Re: Oil & Natural Gas: News & Discussion

Post by habal »

http://www.politicsparty.com/HIGH_PRICE ... VALUES.php

Murli Deora - Most corrupt minister in India along with Pawar. Facilitator & pimp of Mumbai petroleum businessman.
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Re: Oil & Natural Gas: News & Discussion

Post by vera_k »

That is nonsense. Fuel prices are rising because crude is getting expensive globally. The government could reduce the amount of taxes it collects on fuel, but then it's plans for redistributing urban wealth to rural areas would suffer.
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Re: Oil & Natural Gas: News & Discussion

Post by geeth »

That is nonsense. Fuel prices are rising because crude is getting expensive globally
What was the price in India when Global crude was ruling at $ 140 or more? At that time, he said prices could be ruduced only if the crude touched $70, It did, and went much below that. In the whole history of UPA, the price was reduced only once IIRC, though the price of crude fluctuated wildly between $40 & $140. Also, when the price goes from $40 to $140 the revenue for the Govt also increases that many folds - This is taxation, without directly saying so, but doing it silently.

And they throw away the money collected like that (naa..pocket it through ficticious accounts) by floating schemes like NREGS
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Re: Oil & Natural Gas: News & Discussion

Post by Muppalla »

I am always confused with the arguments.
(1) The government owned oil companies made a profit after tax of 16,000 crores in the last one year
(2) Government collects taxes.

(1) Why not first bring down the tax? what is the problem?
(2) Why not government companies operate with less margins? 16,000 crore per annum - is it needed? Is it being used in investments like new wells or is it to keep the shareholders happy?

Decontrol is good but with more competetion and zero government involvment including abolishment of cross subsidies may give a better price picture.
Gurus and experts please share you gyan. Thx
habal
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Re: Oil & Natural Gas: News & Discussion

Post by habal »

vera_k wrote:That is nonsense. Fuel prices are rising because crude is getting expensive globally. The government could reduce the amount of taxes it collects on fuel, but then it's plans for redistributing urban wealth to rural areas would suffer.
Crude costs as much as in '08, petrol 28% more
Sanjay Dutta, TNN, Jan 18, 2011, 02.09am IST

NEW DELHI: Petrol cost Rs 45.52 a litre in Delhi when the mix of crude that India buys averaged a little over $92/barrel in February 2008. But today, the fuel costs Rs 58.37, or 28% more a litre, even though crude costs a tad more than before at $93 a barrel in January.

http://timesofindia.indiatimes.com/busi ... 308262.cms
vera_k
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Re: Oil & Natural Gas: News & Discussion

Post by vera_k »

The rupee has depreciated by ~18% since then, so that accounts for the majority of the price swing. The rest is probably due to increased cost for refining and increasing subsidies for diesel, kerosene and LPG, but I don't have the data to prove it.

BTW, I don't get how petrol is still being used in India given the massive subsidy for diesel.
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Re: Oil & Natural Gas: News & Discussion

Post by Aditya_V »

vera_k wrote:The rupee has depreciated by ~18% since then, so that accounts for the majority of the price swing. The rest is probably due to increased cost for refining and increasing subsidies for diesel, kerosene and LPG, but I don't have the data to prove it.

BTW, I don't get how petrol is still being used in India given the massive subsidy for diesel.
That is correct, plus with the Burgeoning Budget deficts (due to economic mismanagement) and no Lok Sabha elections in following year the Government can afford to take such decesions. The losses which the Tresury took for not increasing prices for increasing oil prices in 2008 were huge but probably got realised in 2009 Lok Sabha results. Further in TN, 62.44 per litre, out of which I think the breakup goes like, cost of petrol Rs. 26, Cross subsidy for Kerosene and LPG Rs 10, still 28 Rs goes as excise customs and state taxes.
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Re: Oil & Natural Gas: News & Discussion

Post by geeth »

The rupee has depreciated by ~18% since then, so that accounts for the majority of the price swing.
That may not be entirely correct either. The rupee croosed Rs 50/$ in between and is now hovering around 45/$. There was not much difference on the average value, though this period has seen wide fluctuations.
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Re: Oil & Natural Gas: News & Discussion

Post by Hari Seldon »

^^? When did this happen? IIRC the INR never really breached the psycho-logical 50 barrier w.r.t. USD.
vera_k
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Re: Oil & Natural Gas: News & Discussion

Post by vera_k »

geeth wrote:That may not be entirely correct either. The rupee croosed Rs 50/$ in between and is now hovering around 45/$. There was not much difference on the average value, though this period has seen wide fluctuations.
When it depreciated to 50, crude prices fell by a much greater amount (by 40%) because of the global meltdown, so that wasn't a problem.
Last edited by vera_k on 18 Jan 2011 20:57, edited 1 time in total.
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Re: Oil & Natural Gas: News & Discussion

Post by RamaY »

It crossed Rs50 mark for a brief period in 2009. Link

The average value of USD in 2008 is ~Rs44. Now it is Rs45. The average crude price in 2008 is ~$90+ per barrel. Average crude price in 2010/11 is ~$75

You do the math... It is a well known fact that govt never reduces petrol/diesel price when crude prices go down. They say the companies have to recover their losses :P (we need to check if these companies made any losses in 2008).

Muppala garu, govt taxes the petroleum products to artificially control their demand as it has adverse impact on FE reserves, environment/pollution, infrastructure (roads etc).
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Re: Oil & Natural Gas: News & Discussion

Post by uddu »

If the intension was to reduce environmental impact, to prevent misuse/use to reduce imports etc then what have they done with the taxes they got? We never saw implementation of any solar power plants, wind power plants, sea wave based power generation, nor utilization of the amount to create any other alternative technology to generate energy and reduce the use of petrol and diesel. Not even policies were framed. Now only at snail pace some developments in this area is taking place. that also half hearted measures. When will India gain energy independence? :roll:
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Re: Oil & Natural Gas: News & Discussion

Post by habal »

Murli Deora was playing for his master, Mukesh Ambani. He probably knew he was going to be shifted and decided to do one last favor. These are anti-national elements, jaichand incarnate.
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Re: Oil & Natural Gas: News & Discussion

Post by putnanja »

The curious tale of 3 fake MP letters and 1 top appointment
...
A few months before the interview for the post of chairman of the Oil & Natural Gas Corp (ONGC), the Prime Minister’s office received a complaint from Murshidabad MP A Mannan Hossain against the frontrunner for the job, S Vasudeva.

Two more such letters, with similar contents, from DMK MP Adhi Shankar and CPM MP Tapan Sen followed after the interview. The letters led the Central Vigilance Commissioner (CVC) to withhold clearance for the appointment, leaving the PSU headless.

However, all the three letters have turned out to be fake.
...
...
On receiving an acknowledgement of his “letter” from the Prime Minister’s Office, Hossain replied on August 14 that he never wrote it. He informed that someone had forged his “signature and letterhead.” But unaware that the letter was a fake, the CVC — which also received a copy — sent it to the Petroleum Ministry for “necessary action”. And so did the Cabinet Secretariat, seeking the Ministry’s views on the allegations for placing it before a Group of Officers set up to look into complaints against senior officers of public sector enterprises.
...
...
That is when more fake letters came in. The first one came from DMK MP Adhi Sankar who wrote to the PM just two days later almost repeating the corruption charges in Hossain’s letter, and adding that the ONGC CVO had been made ‘pliable’ by sending him on an overseas junket.

A day after Sankar’s letter, the ministry received an undated letter from CPM MP Tapan Sen repeating the same complaint and alleging corruption in a third contract involving another firm. However, this time, the ministry asked Sen to confirm whether he wrote the letter. Sen replied: “As correctly apprehended by you, this is absolutely a forged letter never issued by me or by my office. The signature is also forged as can be easily seen¿Kindly institute an enquiry to find out the source of forging”.
...
...
Sankar, too, has denied writing the letter. “I have not sent any letter to the PM regarding ONGC matters,” he told The Indian Express over the phone from Tamil Nadu. He said he had been advised bed rest ever since his bypass surgery in November.
...
..
As ONGC chief Sharma was to retire on January 31, the Petroleum Ministry asked Department of Personnel (DoPT) to get Vasudeva’s name approved by the Appointments Committee of the Cabinet (ACC) on grounds that the ONGC CVO had concluded that the cases be closed. But the DoPT returned the file saying it needed vigilance clearance before it could “process the proposal further” for the ACC approval.

The logjam continues as the CVC has declined to withdraw its objection saying that its Chief Technical Examiner had found serious lacunae in some of the CVO’s findings.
Looks like some one is seriously trying to prevent a person they don't like from heading ONGC, or trying to get someone they want in that position.
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Re: Oil & Natural Gas: News & Discussion

Post by vic »

SSridhar wrote:RIL's says D6 output won't go up beyond 50 mmscmd till 2013-14 — RIL has recently said to the gov’t that it would not be able to raise production of gas from its D-6 field beyond the current level of around 50 mmscmd, until 2013-14. It has made it clear that its non-associated gas production from 18 producer wells in the D1 and D3 fields in D-6 will remain at anywhere between just 42-44 mmscmd in comparison to the FDP target of 53.4 mmscmd. Total production from the D-6 block has now come down to just about 50 mmscmd from 60 mmscmd. The 50 mmscmd figure is reached after taking into account around 8 mmscmd of associated gas produced from the MA oil field in the D-6 block. RIL claims that there are some serious reservoir issues such as water ingress in wells, sand interference and pressure depletion.

Earlier RIL was claiming it to be massive reservoir and seeking permission to raise the production to 120mmscmd. How come the production estimate is now 1/3rd? Are they angling for increase in Cap Exp or putting pressure for price increase or putting pressure on Anil Ambani or or earlier estimates were wrong?
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Re: Oil & Natural Gas: News & Discussion

Post by manish »

SSridhar wrote:Received the following in Mail
RIL's says D6 output won't go up beyond 50 mmscmd till 2013-14 — RIL has recently said to the gov’t that it would not be able to raise production of gas from its D-6 field beyond the current level of around 50 mmscmd, until 2013-14. It has made it clear that its non-associated gas production from 18 producer wells in the D1 and D3 fields in D-6 will remain at anywhere between just 42-44 mmscmd in comparison to the FDP target of 53.4 mmscmd. Total production from the D-6 block has now come down to just about 50 mmscmd from 60 mmscmd. The 50 mmscmd figure is reached after taking into account around 8 mmscmd of associated gas produced from the MA oil field in the D-6 block. RIL claims that there are some serious reservoir issues such as water ingress in wells, sand interference and pressure depletion.
And bang on cue comes this news...
BP may buy into RIL gas field
Talks between the two firms, on for some time now, may result in BP acquiring a 30-45% stake in KG basin block
“Both are extremely stable players in their own right. If there was to be some sort of partnership between them, it will give BP a tremendous footprint in India,” said Monish Chatrath, executive director at consultancy firm Mazars India. “As far as RIL is considered, in fields like these, any access to technological advancement is welcome. A lot of technological advances are taking place in this space.”
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Re: Oil & Natural Gas: News & Discussion

Post by abhishek_sharma »

Digging out the truth about Saudi oil

http://oilandglory.foreignpolicy.com/po ... _saudi_oil
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Re: Oil & Natural Gas: News & Discussion

Post by Nihat »

perhaps BP is also eyeing shale gas reserves.
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Re: Oil & Natural Gas: News & Discussion

Post by chackojoseph »

IMO, just properties in India.
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Re: Oil & Natural Gas: News & Discussion

Post by RamaY »

^
A newbie question

So how did India benefit by controlling this sector all along?
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Re: Oil & Natural Gas: News & Discussion

Post by abhischekcc »

Do we assume that Mukesh Ambani was pressured into giving a large chunk of the reserves away for a lower price, that is why the estimates were reduced???
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Re: Oil & Natural Gas: News & Discussion

Post by Christopher Sidor »

BP has been for all practical purposes forced to scale down in operations in US after the Gulf of Mexico Debacle. RIL is going to up its investment in US, particular shale gas. Was this one of the missing threads that bought them together ??

Just speculating guys......
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Re: Oil & Natural Gas: News & Discussion

Post by Lalmohan »

RIL does not have the deepwater exploration and production expertise needed to exploit the basin. Mukesh bought an option on the KG basin and is now exercising it
highly bania and the right thing to do
the demand for gas from India is about to skyrocket, this is exactly what is needed
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Re: Oil & Natural Gas: News & Discussion

Post by Vipul »

For all we know RIL may have overestimated the size of its easily exploitable find in D6 (declining output) and was in need of the BP's expertise to jack it up.Plus as is evident from the investors meet it had held recently it has some big ticket investment plans, so was in need of the moolah.
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Re: Oil & Natural Gas: News & Discussion

Post by abhishek_sharma »

Why oil traders are worried, but not too worried, about Libya

http://oilandglory.foreignpolicy.com/po ... lity_index
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Re: Oil & Natural Gas: News & Discussion

Post by abhishek_sharma »

Two reasons why oil prices are going through the roof

http://oilandglory.foreignpolicy.com/po ... h_the_roof
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Re: Oil & Natural Gas: News & Discussion

Post by SSridhar »

Response to NELP IX better than in previous rounds
In what must have come as some relief for the Government, bidding for oil and gas blocks on offer under NELP-IX (which closed yesterday) met with a better response than that seen under NELP-VIII. Out of the 34 blocks on offer in this latest and possibly last round of NELP (before the open acreage licensing policy comes into play), 74 bids were received for 33 blocks. Only one offshore block did not receive any bid. As against this, NELP-VIII saw bidding for only 36 of 70 oil and gas blocks, with a total of 76 bids received. Another positive feature in NELP-IX was the return of energy behemoth Reliance Industries (bid for 6 blocks), which had kept away from the NELP-VIII auction.
Yet, all is not hunky-dory. Participation by international oil majors has again been minimal with BHP Billiton, BG Group and East West Petroleum Corp among the eight foreign bidders.
Also, the predominance of public sector oil and gas companies continued in NELP-IX too, with ONGC bidding for a lion's share (29 blocks). 14 blocks received a single bid, with ONGC and its partners being the sole bidder in 10 blocks. A more broad-based participation would have been better representative of investor interest.
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Re: Oil & Natural Gas: News & Discussion

Post by Muppalla »

Four companies get Assam-Arakan block
Apr 5, 2011

By OGJ editors

HOUSTON, Apr. 5 -- India’s DGH has awarded the AA-ONN-2010/2 exploration block in the Assam-Arakan basin to a combine of Oil India Ltd., operator with 40% interest, Oil & Natural Gas Corp. 30%, Gas Authority of India Ltd. 20%, and East West Petroleum Corp., Vancouver, BC, 10%.

The 400 sq km block in the Karbi Anglong District has a primary term of 5 years. East West cited its management’s expertise in unconventional plays such as shale resource plays.

East West Petroleum said the Assam-Arakan basin produces 95,000 b/d of oil equivalent. The basin has 118 oil and gas fields with an estimated 36 billion bbl of original oil in place.
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Re: Oil & Natural Gas: News & Discussion

Post by SSridhar »

New deepwater drilling record set in Krishna-Godavari field
Offshore oil drilling group Transocean claimed on Tuesday that it had a set a world record of deep water drilling at a depth of 3,107 metres (10,194 feet) off the coast of India.

The depth was achieved by ultra-deepwater drillship Dhirubhai Deepwater KG2, surpassing the previous record of 10,011 feet, also set by Transocean in 2003 in the Gulf of Mexico, the group said in a statement.

It set “what the company believes a world record for the deepest water depth by an offshore drilling rig of 10,194 feet of water while working for Reliance Industries offshore India.”
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